TL;DR Breakdown
- Grayscale may be planning for a Bitcoin ETF, per its recent job postings.
- The company’s AUM is currently worth over $43 billion.
The largest digital currency assets manager, Grayscale, is seemingly preparing to join the race for a Bitcoin exchange-traded fund (ETF), following its latest job postings. The company is currently hiring ETF specialists, which highlights a close interest in such a product. It’s worth noting that the digital asset manager hasn’t applied for an ETF before. It only offers trust funds for popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and many others.
Grayscale opens nine ETF positions
The ETF department has the most job listings. Among others, Grayscale is looking to hire an ETF Compliance Officer, ETF Creation & Redemption Specialist, ETF Product Development Specialist, and ETF Authorized Participant Relationship Manager, which are all essential for debuting an effective cryptocurrency ETF product. However, the company is yet to officially disclose whether it’s planning to apply for such a product with the US regulator.
Many prominent companies have since been pushing to gain regulatory approval for a Bitcoin ETF, including Purpose and Evolve. Bitcoin ETFs give both institutions and retail investors exposure to Bitcoin without needing to custody the cryptocurrency itself. Many people believe such a product provides institutional investors (especially) more access to Bitcoin and other cryptocurrencies in a risk-mitigated manner.
Grayscale AUM
Grayscale is likely to get approved if it moves to propose for a Bitcoin ETF, owing to its prominence and reputation in the cryptocurrency industry. Already, the company has over $43 billion in assets under management (AUM). The Bitcoin Trust dominates the whole AUM with a valuation above $36 billion, followed by Ether ($5.7 billion) and Litecoin ($294 million).
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